Greenberg, AIG and Starr Consent to Court Order Protecting Documents Sought in Investigation

April 8, 2005

The Securities and Exchange Commission said it has obtained a protective order against Maurice R. Greenberg, C.V. Starr & Company Inc. and American International Group Inc., in the United States District Court for the Southern District of New York, to protect documents in the commission’s ongoing investigation. The SEC said Greenberg and the parties consented to the order.

The order prohibits the respondents from interfering with the ability of the SEC to obtain any and all documents in the respondents’ possession or control. The order also provides a procedure for documents outside the U.S. to be secured, brought to the U.S. and produced to the SEC and the New York Attorney General.

C.V. Starr is a private company to which Greenberg and AIG executives have extensive ties.

Mark K. Schonfeld, director of the SEC’s Northeast regional office, said the SEC wants to assure it has whatever documents it needs in its probe. “We sought this order in response to reports of the movement of documents subject to this investigation. This order will ensure the security and integrity of documents is preserved and that relevant evidence will be available in our ongoing investigation,” he said.

The SEC issued subpoenas to Greenberg, AIG and Starr International Company Inc. between March 25, 2005 and April 1, 2005. The court order held that there is a need for an order preserving the security, location and integrity of documents relevant to the investigation and prohibits the companies or its officials from interfering with the ability of the SEC to obtain documents in the respondents’ possession or control.

With respect to documents as to which there is a dispute among Greenberg, C.V. Starr, SICO and AIG concerning ownership and control, the order prohibits removal of such documents from AIG premises and provides a procedure by which such documents shall be handled. Specifically, the order incorporates a letter agreement among those parties, the SEC and the New York Attorney General setting forth an agreed procedure by with the documents will be secured, copied, brought to the U.S. and produced to the SEC and the N.Y. attorney general.

AIG previously acknowledged that documents located in Bermuda had been removed or destroyed. An employee was terminated and several others resigned “for failure to cooperate with AIG’s review.”

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